Aundrea Beach-Greco Mortgage Blog

5.3.09

LOOK WHAT KIPLINGER'S ECONOMIC REPORTS HAD TO SAY ABOUT USING THE $8000 TAX CREDIT...

If you’re filing an amended ’08 return for the first time home buyer credit...

IRS will reduce the refund generated by the credit by any unpaid tax debt, just as with any other refund, the agency says in a private ruling. First time buyers can claim the tax credit...10% of the purchase price, up to a maximum of $8,000...on amended 2008 returns if they buy a primary home this year before Dec. 1, 2009.

And remember, to qualify as a first time buyer, a purchaser must not have owned another principal residence in the United States within the previous three years.

And if you are a first time home buyer who is marrying a homeowner...Purchase your marital home before the wedding. Eligibility for the credit is determined when settlement occurs, and the full credit can be allocated to you even if you buy the house in both names. If you wait until after the nuptials to buy, you’ll lose the credit if your spouse had another main home in the past three years.

IRS may be allowing many erroneous claims for the home buyer credit, Treasury inspectors say after checking more than 500,000 home buyer credit forms. They found that in nearly 40,000 cases, filers who had deducted mortgage interest, points, property taxes and other homeownership tax breaks in the past three years claimed to be first time home buyers. The Service caught only a few of the scofflaws.

 

Posted by Aundrea Beach-Greco on May 3rd, 2009 8:42 AMPost a Comment (0)

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